Coca-Cola HBC said third-quarter revenue rose 2.6 percent to 1.87 billion euros ($2.13 billion). Analysts on average were expecting 1.86 billion euros, according to a consensus forecast supplied by the company.

Excluding the impact of currency fluctuations, revenue rose 4.5 percent, with the bulk of the growth coming from volume gains. Higher prices contributed only 0.3 percent to the increase.

The volume was higher than some analysts expected and the pricing weaker. The company blamed promotions due to increased competitive pressures and higher sales in Europe of bottled water, which is cheaper than other drinks.

Still, the company said pricing should improve in the current fourth quarter.

“October trading has been strong, and we look to the full year confident that 2018 will be another year of good growth in both revenue and margins,” Chief Executive Zoran Bogdanovic said in a statement. ■